New York could soon accept cryptocurrency such as Bitcoin and Ethereum as a means of payment for state-related services. A new bill, Assembly Bill A7788, was recently proposed by Assemblyman Clyde Vanel.
The bill seeks to amend the existing law to permit New York state agencies to accept cryptocurrencies as payment.
Which Cryptos Are Included?
If the bill is passed, individuals might be able to use crypto to pay items such as taxes, fines, fees, rent, civil penalties, or any other financial responsibility owed to the state. The cryptocurrencies that are being listed in the bill are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
This would make New Yorkers potentially have more choices when it comes to paying what they owe to the state.
In order to make this equitable for the government, the bill also permits the state to impose a service fee, but it cannot exceed the cost of processing the crypto payment. This would include such expenses as blockchain transaction fees or fees to payment processors.
This is not a new crypto bill in New York. Earlier last month, Bill A06515 was proposed to prevent crypto scams and frauds such as rug pulls, where investors are deceived by fraudulent projects. The timing of the bills indicates that legislators are taking their crypto legislation and adoption more seriously.
At a national level, President Donald Trump’s reinstatement in January has put even more focus on crypto. Throughout his election campaign, Trump vowed to embrace blockchain innovation and include crypto in the United States economy.
This has inspired multiple states to explore how they can collaborate with cryptocurrencies.
Assembly Bill A7788 is currently under review by the Assembly Committee. If it advances and makes it through the state Senate, New York may become the first state to accept crypto for government payments.
